DeFi platform Wanchain’s much-anticipated WanBridge for Fantom is officially live on the mainnet.
The WanBridge launch is a major achievement for the entire Wanchain ecosystem. Wanchain in recent times has been on a partnership spree. The DeFi interoperability platform now partners with top players like:
- Ethereum
- Ripple Ledger
- Binance Smart Chain
- Polkadot
- Moonriver
- Avalanche
- and Dogecoin.
The new WanBridge for Fantom is a major step for Wanchain. Fantom (FTM) is famous for its scalability and security. Some of the earliest blockchain platforms had several underlying scalability issues. Issues ranging from transaction fees, block size to response time, etc. Fantom is designed to be free of all these challenges. The industry considers it a high-performance platform.
The launch of WanBridge will also help to improve interoperability on Fantom. The open-source platform is also compatible with Ethereum. This means that interested persons can easily launch their dapps on both Fantom and on Ethereum.
WanBridge – Incorporates a Direct Bridge Mode
The recently launched WanBridge also has ‘Direct Bridge’ mechanisms. This simply means that crypto-assets can move seamlessly between two different public chains. These transfers happen without having to go through a relay platform. With WanBridge, Interested persons can easily transfer Fantom Native token FTM.
- The transferring assets are first locked on the crosschain contract on Fantom blockchain.
- Next, WanBridge Storeman Group will make use of the sMPC mechanism with a minimum of 17 out of 25 nodes to issue the assets to the specified address on Wanchain.
This entire process is secure, permissionless, and truly decentralized.
To facilitate the transfer, users need to have a Metamask wallet. Also, the bridge currently supports the following transfers;
- Wanchain – Moonriver
- Fantom – Wanchain, and
- Lastly, Fantom – Moonriver
Step-by-Step Process of FTM Crosschain
- First, is to set up FTM opera network on Chainlist
- Next is to visit the WanBridge web. Click on the FTM asset icon and Select ‘Wanchain’. Input the recipient Address and the amount of the asset you are sending.
- Then, confirm all imputed information
- Lastly, wait for the assets to reflect in the recipient address.
About Wanchain
Wanchain is well-known for the expression – “True DeFi is interoperable”. The DeFi interoperability platform is focused on facilitating global adoption of the blockchain space. To achieve this, Wanchain is working on building decentralized bridges that will help improve interoperability among different blockchains. The platform raised $36 million in about 60 seconds during its ICO.
The platform also boasts of a qualified team of professionals. There are ~50 team members and 20 seasoned advisors. Jack Lu, CEO of Wanchain, also boasts over 22 years of technical experience.
WAN is the native token of Wanchain. According to reports, there are a total of 210,000,000 WAN tokens. Also a whopping 92% of them are already in circulation. The token helps to secure Wanchain Blockchain, as a PoS block reward, etc.
WAN token can also be used on platforms in the ecosystem like WanSwap, WanLend, ZooKeeper, Phoenix Finance, etc.
WAN Price
At the time of writing, WAN was trading at $0.848201 with a market cap of $164,504,936 and a 24-hour trading volume of $6,993,637. The token price is also down by 4.1% in the last 24 hours.
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Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Wanchain. Copyright Altcoin Buzz Pte Ltd.
